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Paulson On The Bailout

September 29, 2008 9:08 AM

Scott Pelley gets rare access to Treasury Secretary Henry Paulson as he deals with the nation's unfolding economic crisis.

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by apr53 September 28, 2008 11:12 PM EDT
My only question is how soon will the Wall Street crooks be in jail? If it was good enough for Martha Stewart who didn''t cost the tax payers a dime..surely the Wall Street Crocks desire jail time.Listening to the emails read on 60 minutes..hoping on getting rich and out before it blows up.. Tax payers need results ... for having to be a part of this coverup.. .
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by tlc2tlc September 29, 2008 12:42 AM EDT
Look Who is laughing at us now! Just look back to 80s, who were responsible for Mexican Peso run? The Big boys in Wall Street in conjuction with IMF and the Treasury Dept. Who were responsible for Argentinian, and rest of Latin America? The Wall Street Boys Boys again. Not to mention the Asian Crisis in 90s. In all these crises, it was categoically advocated about good qualities of finanacial systems of Uncle Sam.
All these financial manipulations under Debt Swaps created nothing but what the media has been coining as AMERICAN GREED. As one lawmaker put it, it is not the chicken came home to roost, but the Vultures.
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by davecrowson September 29, 2008 2:08 AM EDT
The American masses amaze me, Wall Street executives and traders were only playing the hand we dealt them. The derivative effect of all the liquidity dumped into the market, combined with deregulation and horrible policy decisions got us in this mess. Our homes were doubling in value and you were buying every toy conceivable while applauding your policy makers and President along the way. So stop blaming the bar for getting drunk. You keep voting for these guys because you love their Kool-Aid. Maybe you should start educating yourselves instead of just mindlessly believing all the dogma your party preaches. I know you won''t but here''s to hoping!
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by ajbuzz September 29, 2008 3:46 AM EDT
Is it still capitalizm when we privatize profits and socialize losses? Let the people who got rich from the bull suffer from the bear.
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by niebenjohos September 29, 2008 4:31 AM EDT
Paulson states in the interview "I WANT STRONG OVERSIGHT AND TRANSPARENCY." Yet section 8 of the bail out plan gives blanket protection from oversight
Sec. 8. Review.
"Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency."

Certainly doesn''t sound like he wants oversight and transparency.

He also states, "We don%u2019t have the regulatory authority or structures in place to protect the American people."

Well it certainly appears like he''s using this crisis
to take advantage of that fact and advantage of the American people. I believe there could be viable alternatives if we wouldn''t feel powerless and overwhelmed in the face of this.
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by dwolkstein September 29, 2008 6:56 PM EDT
Why when Sott asked Paulson
"what happens if the Bailout doesn''t work" did he accept Paulson''s ridiculous answer "IT will."
That''s not an answer.
And why didn''t Scott ask the economic nobel prize winner what his alternatives were for the Bail Out??
What kind of reporting is Scott doing?
This is a crisis of extraordinary proportions and Scott does not follow through on his questions as to alternatives to what to do for our country, for the world.
Diane Wolkstein
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by daly1976 September 29, 2008 11:08 PM EDT
Part of being a respsonsible citizen is to recognize when we are INSUFFICIENTLY COMPETENT to both critique & offer alternative solutions to complex problems.

And this certainly applies to our politicians - Nancy Pelosi, Barney Frank, Chris Dodd. Hello?

Most of the comments here are emotional, meawhile the crisis & bailout are REAL, rooted in lots of detail crossing economics & finance.

To suggest any of us or our politicians with 9% approval know either the problem or potential solutions better than Hank Paulson or Ben Bernake is not just arrogant, it''s lethal.

Listen up people - you too Nancy.
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by cjrlee September 30, 2008 7:00 PM EDT
WHERE is the money of the "golden parachute" people? Does the USA have much GOLD? How much more or less than other countries would you say?
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by treehugger08 September 30, 2008 11:59 PM EDT
Market discipline and Wall Street--- who are we kidding??? Most of America does not understand the corporate greed of Wall Street. There were no fail safes in this system.
I am very amused that Scott would even discuss this with Roger Altman. Did anyone remember his role in whitewater?? While this administration has not excelled, it is not a 2 term problem!!
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by treehugger08 October 1, 2008 12:01 AM EDT
Market discipline and Wall Street--- who are we kidding??? Most of America does not understand the corporate greed of Wall Street. There were no fail safes in this system.
I am very amused that Scott would even discuss this with Roger Altman. Did anyone remember his role in whitewater?? While this administration has been less than stellar, it is not a 2 term problem!!
Reply to this comment
by treehugger08 October 1, 2008 12:02 AM EDT
Market discipline and Wall Street--- who are we kidding??? Most of America does not understand the corporate greed of Wall Street. There were no fail safes in this system.
I am very amused that Scott would even discuss this with Roger Altman. Did anyone remember his role in whitewater?? While this administration has been less than stellar, it is not a 2 term problem!!
Reply to this comment
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